Oil Pares Gain After U.S. Product Supply Increases: Report
Crude oil futures pared gains after the U.S. government reported increases in supplies of gasoline and distillate fuels, Bloomberg reported.
Gasoline inventories rose 3.78 million barrels to 223.1 million last week, the Energy Department said today. Stockpiles were forecast to increase 850,000 barrels, according to the median of 10 analyst estimates in a Bloomberg survey.
Distillate supplies, which include heating oil and diesel, gained 2.42 million barrels to 119.4 million. Stockpiles were estimated to drop 850,000 barrels from the prior week.
Inventories of crude oil slipped 586,000 barrels to 371.1 million, the department said. Supplies were forecast to decrease 1.75 million barrels. The industry-funded American Petroleum Institute reported yesterday that stockpiles declined 1.17 million barrels last week to 370.5 million.
Crude oil for February delivery rose 12 cents to $90.99 a barrel on the New York Mercantile Exchange.
Oil traded at $91.24 a barrel before the release of the report at 11 a.m. in Washington, two days later than usual because of the Christmas holiday.
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